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Chevron director sells over $1.24 million in company stock

Published 06/05/2024, 23:36

In a recent move that caught the attention of investors, Enrique Hernandez Jr., a member of the board of directors at Chevron Corp (NYSE:CVX), sold a significant number of shares in the company. The transactions, which occurred on two separate dates, resulted in the sale of Chevron common stock worth over $1.24 million.

The first sale took place on May 2, 2024, where Hernandez disposed of 2,549 shares at a price of $161.00 per share. Following that, on May 6, there were two separate sales; the first batch of 2,549 shares was sold at $164.00 each, and another 2,549 shares were sold at $163.00 per share. These transactions represent a price range between $161.00 and $164.00 for the shares sold.

After these transactions, it was reported that the shares owned by Hernandez were held indirectly by the Hernandez Family Trust. The sales reduced the number of Chevron common stock owned by the trust, which, after the last transaction on May 6, stood at 2,549 shares. It is important to note that the reported figures do not include additional shares acquired through dividend equivalent accruals on stock units as part of the Chevron Corporation (NYSE:CVX) Non-Employee Directors' Equity Compensation and Deferral Plan, which amount to 1,068 units.

These sales are part of the regular disclosures made by company insiders, which provide transparency into the trading activities of senior executives and board members. Such information is routinely monitored by investors who seek to understand the confidence levels of a company's insiders in the financial health and future prospects of their organizations.

The transactions were officially filed and the details were made public as per regulatory requirements. Chevron Corp, headquartered in San Ramon, California, is one of the world's leading integrated energy companies, with a significant presence in petroleum refining and other related industries.

InvestingPro Insights

In light of the recent stock sales by Chevron Corp board member Enrique Hernandez Jr., it's pertinent to consider Chevron's current financial health and market performance as reflected in real-time data from InvestingPro. Chevron, with its robust market capitalization of $299.11 billion, remains a heavyweight in the energy sector. The company's P/E ratio stands at a favorable 14.87, indicating investor confidence in its earnings potential relative to its share price. This confidence is further substantiated by the adjusted P/E ratio for the last twelve months as of Q1 2024, which sits slightly lower at 13.64.

From an investment standpoint, Chevron has demonstrated a strong commitment to shareholder returns, having raised its dividend for 36 consecutive years, a testament to its stable financial footing. This is further reinforced by the company's dividend yield of 4.02%, which is appealing to income-focused investors. Chevron's consistent dividend payments for 54 consecutive years underscore its reliability as a dividend stock. Additionally, the company's stock has been trading near its 52-week high, with a price that is 94.53% of this peak, reflecting a sustained positive sentiment in the market.

For investors seeking more in-depth analysis, there are additional InvestingPro Tips available, including insights into Chevron's low price volatility and moderate level of debt, which contribute to its investment profile. For those interested in exploring these further, visit InvestingPro for Chevron at https://www.investing.com/pro/CVX and discover the full spectrum of metrics and tips. Don't forget to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 8 analysts having revised their earnings upwards for the upcoming period, Chevron's financial outlook appears positive, making it a potentially attractive option for investors monitoring insider trading activities and seeking long-term value.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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